02223cam a22002777 4500001000700000003000500007005001700012008004100029100002300070245023700093260006600330490004200396500001600438520087500454530006101329538007201390538003601462690009401498690011201592700002801704700001901732710004201751830007701793856003801870856003701908w10332NBER20170818012227.0170818s2004 mau||||fs|||| 000 0 eng d1 aDooley, Michael P.14aThe Revived Bretton Woods Systemh[electronic resource]:bThe Effects of Periphery Intervention and Reserve Management on Interest Rates & Exchange Rates in Center Countries /cMichael P. Dooley, David Folkerts-Landau, Peter Garber. aCambridge, Mass.bNational Bureau of Economic Researchc2004.1 aNBER working paper seriesvno. w10332 aMarch 2004.3 aIn this paper we explore some implications of the revived' Bretton Woods system for exchange market intervention and reserve management in periphery countries. Financial policies in these countries are seen as a component of a more general portfolio management policy in which the formation of an efficient domestic capital stock is a key objective. Because intervention in financial markets is an important part of their development strategy, intervention in exchange and financial markets has, and we argue will continue to be, large and persistent enough to generate predictable deviations of exchange rates and relative yields in industrial country financial markets from normal cyclical patterns. We argue that management of the currency composition of international reserves by emerging market governments and central banks is unlikely to alter these conclusions. aHardcopy version available to institutional subscribers. aSystem requirements: Adobe [Acrobat] Reader required for PDF files. aMode of access: World Wide Web. 7aF02 - International Economic Order and Integration2Journal of Economic Literature class. 7aF32 - Current Account Adjustment • Short-Term Capital Movements2Journal of Economic Literature class.1 aFolkerts-Landau, David.1 aGarber, Peter.2 aNational Bureau of Economic Research. 0aWorking Paper Series (National Bureau of Economic Research)vno. w10332.4 uhttp://www.nber.org/papers/w1033241uhttp://dx.doi.org/10.3386/w10332